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Ludhiana civic body collects 71% of revenue target for property tax

Tuesday 3rd October 2023

In the first half of the current fiscal year, the Ludhiana Municipal Corporation (MC) has successfully collected around 70.7% of its targeted property tax revenue, amounting to Rs 130 crore for the city. The local body had set a goal of acquiring Rs 90 crore in property tax by September 30. To encourage tax return filing, the local bodies department had also announced a 10% rebate for taxpayers who settled their dues by September 30. ...

WeWork to withhold interest payment on some notes

Tuesday 3rd October 2023

WeWork Inc. announced on Monday its decision to withhold approximately $95 million in interest payments related to some of its notes as part of its efforts to enhance its capital structure. WeWork, supported by SoftBank, has been facing challenges since its 2019 initial public offering plans fell apart due to concerns about substantial losses and doubts about its business model, which involves long-term leases and short-term rentals. ...

Breather for buyers as town planner revokes ban on registries in Sushant Lok

Tuesday 3rd October 2023

Providing relief to numerous homeowners and potential buyers of Ansal properties, the Department of Town and Country Planning (DTCP) has executed deeds in Sushant Lok 2 and 3. Builder floor owners have faced difficulties in selling or buying properties since DTCP imposed a registration ban in the area last year, following the developer's failure to renew its license on May 25, 2022. ...

SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Tuesday 3rd October 2023

A court-appointed commissioner has taken symbolic possession of properties owned by developer Jayesh Tanna in various Mumbai locations, including Borivli, Andheri, Goregaon, south Mumbai, and Kandivli, due to a loan default exceeding Rs 200 crore under The Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Symbolic possession is a tactic to pressure the debtor to clear the dues without banks physically taking control of the properties. ...

Over 1,600 properties on list of tax defaulters in Nagpur

Friday 29th September 2023

The Nagpur Municipal Corporation (NMC) has compiled a list of 1,664 properties, including hotels, clubhouses, lawns, hospitals, and theaters, with outstanding property tax payments totaling Rs 66.38 crore. Private hospitals, which have been criticized for misusing parking spaces and causing traffic problems, top the list of defaulters, owing the corporation Rs 27.29 crore collectively. ...

Gujarat RERA to penalize builders for pre-registration sales

Friday 29th September 2023

To safeguard home buyers from potential fraud, the Gujarat Real Estate Regulatory Authority (Rera) will take proactive measures and impose penalties on builders involved in soft launches or pre-Rera marketing without obtaining the mandatory Rera registration number. Many developers sell units at lower rates before obtaining Rera approval, which violates Rera regulations and leaves buyers unprotected under the law. ...

Co-working firm EFC exploring FPO, other routes to raise funds for expansion

Friday 29th September 2023

Co-working spaces firm EFC India is exploring various options, including a Follow-on Public Offer (FPO), to raise funds for expanding its capacity to accommodate 60,000 seats by the end of this fiscal year. The company recently announced the acquisition of approximately 5 lakh square feet of office space in Pune, Noida, Hyderabad, and Kolkata. ...

Godrej Properties acquires 49% equity shares of Godrej Skyline Developers for Rs 37.64 crore

Friday 29th September 2023

Godrej Properties (GPL) has purchased 49% of Godrej Skyline Developers' (GSDPL) equity shares for Rs 37.64 crore from the existing shareholder. Following this acquisition, the company, along with its wholly-owned subsidiary Godrej Projects Development (GPDL), now holds 93% of GSDPL's equity share capital. ...

Over 20 government departments owe Rs 23.84 crore property tax to Panchkula civic body

Thursday 28th September 2023

The Municipal Corporation (MC) commissioner, Sachin Gupta, conducted a review meeting of the property tax branch on Tuesday and instructed them to send notices to 22 government property tax defaulters who collectively owe Rs 23.84 crore to the MC. ...

Linkedin renews lease for office space in Mumbai Bandra-Kurla Complex

Thursday 28th September 2023

LinkedIn, the social media platform focusing on business and employment, has extended its lease for approximately 18,000 square feet of office space in the Maker Maxity commercial project located in Mumbai's business district, Bandra-Kurla Complex (BKC). This lease renewal is for a long-term tenure of five years. ...

Delhi: Construction firms told to register on portal before GRAP kicks in

Thursday 28th September 2023

With the updated GRAP set to be enforced from October 1, the Delhi Pollution Control Committee (DPCC) has instructed construction companies to register on a designated web portal to be allowed to carry out their activities. DPCC has also reinforced the importance of adhering to a 14-point dust mitigation plan for all construction and demolition activities in Delhi. Additionally, they have introduced a 27-point checklist for projects exceeding 500 square meters in a bid to reduce dust pollution. ...

Cement makers hike prices to counter rising costs

Thursday 28th September 2023

Cement manufacturers have recently increased prices by approximately 12-13% in response to rising input costs, even though the expected post-monsoon demand surge has not yet materialized. This move is seen as a bold departure from the cautious approach cement companies had taken in setting prices in previous months. ...

How to revive stalled projects? Uttar Pradesh government may decide on waivers this week

Wednesday 27th September 2023

Representatives from the Noida, Greater Noida, and Yamuna Expressway authorities are scheduled to convene in Lucknow on Thursday to discuss strategies for reviving stalled real estate projects in their respective regions. They will also deliberate on the recommendations put forth by a committee chaired by bureaucrat Amitabh Kant regarding potential waivers for developers to facilitate the completion of delayed projects. ...

Delhi court takes cognisance of charge sheet against Supertech chairman

Wednesday 27th September 2023

In a money laundering case, a Delhi court has acknowledged the charge sheet submitted by the Enforcement Directorate against the chairman and promoter of the Supertech real estate group. Special Judge Devender Kumar Jangala has stated that there appears to be sufficient incriminating evidence against the accused in the case. ...

UP RERA warns buyers, investors against misleading, fraudulent ads

Wednesday 27th September 2023

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has labeled the advertisements for Sarvottam World as "misleading and fraudulent." UP RERA has cautioned prospective buyers and investors about an upcoming project called 'Megapolis/Sarvottam Megapolis' within the hi-tech township of 'NEWOIDA,' which is being promoted by 'Sarvottam World.' These misleading advertisements have been disseminated across various media platforms, including newspapers, radio, and digital channels, according to an official statement. ...

Ludhiana civic body collects 71% of revenue target for property tax

WeWork to withhold interest payment on some notes

Breather for buyers as town planner revokes ban on registries in Sushant Lok

SSSC Escatics properties seized by court in loan default of over Rs 200 crore

Over 1,600 properties on list of tax defaulters in Nagpur

Gujarat RERA to penalize builders for pre-registration sales

Co-working firm EFC exploring FPO, other routes to raise funds for expansion

Godrej Properties acquires 49% equity shares of Godrej Skyline Developers for Rs 37.64 crore

Over 20 government departments owe Rs 23.84 crore property tax to Panchkula civic body

Linkedin renews lease for office space in Mumbai Bandra-Kurla Complex

Delhi: Construction firms told to register on portal before GRAP kicks in

Cement makers hike prices to counter rising costs

How to revive stalled projects? Uttar Pradesh government may decide on waivers this week

Delhi court takes cognisance of charge sheet against Supertech chairman

UP RERA warns buyers, investors against misleading, fraudulent ads

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